TEESSIDE’S Enterprise Zone has gone live with regeneration chiefs saying they are in “advanced talks” to bring investors to the region.
The zone, which came into being yesterday, will offer firms moving to the area benefits including business rate relief, which provides a discount of up to £55,000 for five years.
The zone takes in sites including Queens Meadow at Hartlepool, Teesside Advanced Manufacturing Park in Middlesbrough, Kirkleatham at Redcar and Belasis Hall Technology Park in Billingham.
Sites at Wilton and PD Ports/South Bank Wharf both in Redcar and Cleveland, Port Estates in Hartlepool and the New Energy and Technology Park in Billingham will be able to offer large-scale occupiers enhanced capital allowances against the cost of qualifying plant and machinery.
Oakesway in Hartlepool, Northshore in Stockton, Darlington's Central Park and Middlesbrough’s St Hilda’s will also offer business rate relief across a second phase of Enterprise Zone development.
The zones will support key sectors such as petro-chemicals, renewable energy, advanced manufacturing and digital.
They aim to create and support up to 1,200 jobs by 2015.
Neil Kenley, director of business investment at Tees Valley Unlimited, which operates the Enterprise Zone, said: “Advanced discussions are already well under way with several parties keen to move onto Enterprise Zone sites. As we work with them to help create the right environment for investment, we expect some exciting announcements very soon.”